Bitcoin price climbs over $60,000, Ether, Shiba Inu suffer losses

There were no major changes in the cryptocurrency sector over the weekend. On Monday, May 6, Bitcoin was trading at $59,615 (approximately Rs 49.7 lakh) in India after gaining marginally 0.46 percent. The price of Bitcoin has increased by $1,925 (approximately Rs 1.60 lakh) in the last 48 hours. The asset, meanwhile, is trading at a price of $63,840 (approximately Rs 53.2 lakh) on international exchanges like CoinMarketCap.

“Bitcoin sees rise after US April jobs report comes in cooler than expected. Additionally, the Bitcoin network has processed more than one billion transactions since its inception, marking a milestone. There is a possibility that we may see Bitcoin trading sideways between $62,000 (approximately Rs 51.7 lakh) and $66,000 (approximately Rs 55 lakh) this week,” Edul Patel, CEO of Mudrex, told Gadgets360.

Bitcoin joined a group of cryptocurrencies that managed to register profits as of Monday. These altcoins include Binance Coin, Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.

Among other cryptocurrencies to show gains, Near Protocol, Polygon, Leo, Uniswap, Cosmos, Chronos, Stellar and Monero also registered their names.

The total crypto market cap increased by 1.14 percent in the last 24 hours. With this, the total valuation of the sector has reached $2.36 trillion (approximately Rs 1,96,97,256 crore). coinmarketcap,

“Recent market trends indicate a balance between price movements and liquidations, indicating market stabilization. Many of the top ten cryptocurrencies by market valuation are trading in the green. With a slowing economy, inflation will certainly slow down leading to lower interest rates.

A loss of 1.20 percent was seen in Ether on Monday. At the time of writing, the asset was trading at $2,970 (approximately Rs 2.48 lakh). Over the weekend, Ether has risen by nearly $70 (roughly Rs. 5,845).

“Ethereum has maintained a relatively stable trajectory, reaching $3,137 (approximately Rs 2.60 lakh) with a marginal decline of 0.08 percent. Even though trading activity has taken a hit, the overall sentiment towards the token remains bullish. Ethereum’s current price is above its 200-day exponential moving average, which points to a positive long-term trend,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Losses were recorded in Tether, Solana, Shiba Inu, Avalanche, Tron, Litecoin and Bitcoin Cash.

In other news, the leading Bitcoin ETF by assets, Grayscale Bitcoin Trust (GBTC), experienced a surge in investor funds over the weekend, marking its first daily increase since launching in January.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.